OQ8, the joint venture of Oman’s OQ Group and Kuwait Petroleum International (Q8), which owns and operates the Duqm Refinery, has revealed that it had allocated over $500 million to support local SMEs.
In an interview to Al Roya, Nas-ha al Falahi, Chief of People, Technology & Culture at OQ8, shared that the company has allocated $534 million to empower small and medium enterprises, in addition to investing $182 million in locally manufactured goods.
Additionally, she shared that the percentage of locally sourced products and goods used by the refinery does not dip below 20%.
Furthermore, Al Falahi also highlighted the significance the company places in social investments. “We are committed to developing sustainable communities, providing job opportunities for youth and local talents, and making a lasting impact on the lives of community members. Our social responsibility initiatives include environmental protection projects, community development programs, and support for the local education and health sectors. We believe that our success is closely tied to the well-being of the communities we are proud to serve.” According to the report, the company’s investment in social projects exceeded $5.4 million, and have benefited over 450,336 individuals since 2014.
Furthermore, the company carried out 58 social investment projects in 2023 in collaboration with stakeholders, and launched 27 projects and sponsorship programmes in the same year.
The refinery, located in the Special Economic Zone at Duqm (SEZAD) in Al Wusta Governorate, was inaugurated earlier this year and is considered amongst the largest refineries in the region with a processing capacity of 230,000 barrels of crude oil per day.
Oman Observer